Basic Coverage of Homeowner Insurance Policies

The insurance policy is a package that includes more than than 1 type of insurance in a policy. There are 4 types of coverage contained in the home insurance policy.

Included are:

Dwelling and Personal Property
Personal Liability
Medical Payments
Additional Living Expenses

In this article, Dwelling and Personal Property Damage will be explained:

Property damage coverage will assist wage for any damage to your home or personal property. Other parts of your home, such as as a detached garage, a shed, or any other edifice on your property are usually covered for about 10% of the amount of coverage on your home.

Personal property coverage pays for your personal property, which includes your furniture, clothing, and other personal property.

The amount of that insurance coverage is about 50% of the policy bounds on your home. This type of coverage is also limited by the type of loss specifically listed in your policy.

The coverage usually only pays the current cash value of the point damaged or destroyed, unless you actually purchased substitution cost coverage.

Your home insurance policy also includes off-premises coverage. What this agency is that the policy covers your personal property against theft even when they are not in your dwelling.

Your insurance company will reimburse you for the cost of replacing your bag and whatever its content is if it were lost or purloined when you were away on vacation, but only for replacing them with the personal property of the same sort and quality.